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    Equinor completes departure from Russia

Summary

The Norwegian company has completed a process it began soon after Russia invaded Ukraine.

by: Dale Lunan

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Political, Territorial dispute, News By Country, Norway, Russia

Equinor completes departure from Russia

Norway’s Equinor said May 25 it had exited all joint ventures in Russia, bringing to a close a divestment process it launched days after Vladimir Putin sent tanks rolling into Ukraine in February.

The state-owned multinational has halted all new investments into Russia, stopped trading oil and gas products from Russia and announced an impairment of $1.08bn on its balance sheet as of March 31, 2022.

Participating interests in four Russian joint ventures have been transferred to Rosneft, releasing Equinor from all future commitments and obligations. An agreement to exit the Kharyaga project has also been reached.